Gratuity

My personal view is that Section 2A "continuous service" and Section 4 "Payment of Gratuity" should be read separately. I feel that 240 days come into picture only after the initial completion of 5 years as per Section 4 where it specifically mentions that : 

"Gratuity shall be payable to an employee on the termination of his employment after he has rendered continuous service for not less than five years".

If the establishment works for 5/6 days per week and you have worked for 190/240 days in a year you are eligible.

The employer should supply the notice of determination of Gratuity and payment on its own within 30 dasy from having become eligible…………………………………………..and Employee may also submit FormI under proper acknowledgment.

There are many threads on similar query at:

https://www.lawyersclubindia.com/forum/display.asp?cat_id=9&forum_id=49

e.g:

https://www.lawyersclubindia.com/forum/Clarity-between-gratuity-eligibility-service-5-or-4-8-yrs--28768.asp#.VBVWeJSSwb8

You can download all details from these threads.

Since you have complected your 4 years and 8 months in your organization,it will be treated as five years  of service so you are eligible for gratuity.so now you can organize your finance properly.